An individual offering directly to the public damage insurance products, on behalf of a firm that is an insurer or who is bound by an exclusive contract to only one damage insurer. He must hold a damage insurance representative's certificate issued by l’Autorité des marchés financiers (the Financial markets authority) the AMF and be a member of la Chambre de l’assurance de dommages (Chamber of damage insurance).
February 11, 2017 - On November 11, 2016, Honorable Pierre-A. Gagnon, c.q j., rendered an interesting decision on insurance matters. Although his decision is not strictly related to co-ownership, it could be an eye opening example for several co-owners or syndicates. Here is the situation.
The owners of a home purchased home insurance under a “standard” "multi-risk" policy. The policy took effect on November 30, 2007 for a period of two years. It was renewed four times.
The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its main object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following rules of the trade. This is why the legislator has given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.
A co-owner may be liable to the syndicate, the other co-owners and the occupants of the immovable. As stated in Article 1457 of the Civil Code of Québec, every person has a duty not to harm others. As a co-owner, you must be careful and abide to the appropriate rules of conduct in accordance with the context and circumstances. Otherwise, you engage your civil liability and are required to remedy (financially third parties for moral or property damage and personal injury.